A recent Northwestern Mutual study reported that two thirds of people 65 or older will require long-term care at some point in their lives. The study surveyed thousands of home health care organizations, assisted living facilities, and nursing homes. For home healthcare, the highest rate for certified home health aides was in Sioux Falls, South Dakota, while the lowest rate was in New Orleans, Louisiana. For assisted living facilities, Bethesda, Maryland, has the highest average monthly cost for a single-occupancy unit, while Milwaukee has the lowest average monthly cost. For nursing homes, the most expensive daily rate for a private room was in Anchorage, Alaska, while the least expensive was in Corpus Christi, Texas.
See Anne Tergesen, "The High Cost of Long-Term Care," Wall Street Journal, Jan. 17, 2012.
Posted by William Alan Nelson II, Associate Editor, Wealth Strategies Journal
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